Chinese social media platform Sina has bought a 4.55% stake in Bihu Huzhu (“huzhu” means mutual help), media outlet Caijingtuya reported on Monday, citing changes in Bihu’s corporation registration information. The deal’s financial details have not been made public.
Bihu, which was set up in March 2015, runs a mutual help platform called Gecko (“Bihu” in Chinese). Gecko has cemented nearly 2.4 million aid deals among its users, channeling funds worth RMB 119 million to 1,339 individuals who have suffered critical illnesses or were injured in accidents. Gecko asks its users to pay around RMB 10 to join and has capped aid at RMB 9 per user for each deal.
While Gecko is designed for healthy people who want to hedge against potentially heavy financial pressure incurred by medical expenses related to sudden illnesses or accidents, Bihu also operates a crowdfunding platform called Nuoyan Chou, which is for people with existing medical conditions.
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